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FRIDAY, FEBRUARY 25, 1977
PART V OF THE COMMODITIES TRADING ORDINANCE
EFFECTIVE FROM NEXT MONTH
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IT IS ANNOUNCED IN THE GOVERNMENT GAZETTE TODAY (FRIDAY) THAT PART V OF THE COMMODITIES TRADING ORDINANCE, 1976 WITH THE EXCEPTION OF SECTION 50 WILL COME INTO OPERATION ON MARCH 1.
PART V (ACCOUNTS AND AUDIT) OF THE ORDINANCE APPLIES TO EVERY REGISTERED DEALER, BUT DOES NOT INCLUDE A DIRECTOR, PARTNER OR EMPLOYEE OF A CORPORATION OR FIRM, WHO IS ACCREDITED TO THE CORPORATION OR FIRM AS A DEALER,
UNDER THIS PART, A DEALER IS OBLIGED BY LAW TO KEEP PROPER ACCOUNTS AND RECORDS IN RESPECT OF HIS BUSINESS OF TRADING IN COMMODITY FUTURES.
A DEALER SHALL BE REQUIRED TO KEEP IN SEGREGATED ACCOUNTS ALL MONIES HELD ON BEHALF OF HIS CLIENTS, AND CAUSE HIS ACCOUNTS TO BE AUDITED BY AN AUDITOR. A DEALER WILL FURTHER BE REQUIRED TO KEEP A COPY OF EACH FUTURES CONTRACT MADE OUT BY HIMSELF EITHER AS AN AGENT OR AS A PRINCIPAL.
A SPOKESMAN FOR THE OFFICE OF THE COMMISSIONER FOR COMMODITIES TRADING SAID THAT THE IMPLEMENTATION DATE OF SECTION 50 OF THE COMMODITIES TRADING ORDINANCE 1976 WILL BE ANNOUNCED AT A LATER STAGE WHEN THE REGULATIONS PRESCRIBING THE FORMS OF THE PROF IT AND LOSS ACCOUNTS AND BALANCE SHEETS REQUIRED UNDER SECTION 50 OF THE ORDINANCE HAVE BEEN FINALISED.
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